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- All HBS Web (539)
- Faculty Publications (188)
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- 2017
- Working Paper
Investment Timing with Costly Search for Financing
By: Samuel Antill
I develop a dynamic model of investment timing in which firms must first choose when to search for external financing. Search is costly and the arrival of investors is uncertain, leading to delay in financing and investment. Depending on parameters, my model can...
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Keywords:
Real Options;
Search And Bargaining;
Time-varying Financial Conditions;
Investment;
Venture Capital;
Mathematical Methods
Antill, Samuel. "Investment Timing with Costly Search for Financing." Working Paper, December 2017.
- Teaching Interest
Executive Education: Finance for Senior Executives
By: Malcolm P. Baker
Finance for Senior Executives provides the frameworks to strategically use financial resources and position your company for future success. By examining corporate finance from both internal and external perspectives, this HBS Executive Education
- March 2020
- Article
Do Fire Sales Create Externalities?
By: Sergey Chernenko and Adi Sunderam
We develop three novel measures of how much of the price impact of their trading different mutual funds internalize. We show that mutual funds that internalize more of their price impact hold larger cash buffers and use these buffers more aggressively to accommodate...
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Chernenko, Sergey, and Adi Sunderam. "Do Fire Sales Create Externalities?" Journal of Financial Economics 135, no. 3 (March 2020): 602–628.
- January 2001 (Revised May 2010)
- Case
BP Amoco (A): Policy Statement on the Use of Project Finance
By: Benjamin C. Esty and Michael Kane
Following the BP/Amoco merger in December 1998, CFO David Watson asked Bill Young to recommend when and under what circumstances the firm should use external project finance instead of internal corporate funds to finance new capital investments. As part of this...
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Esty, Benjamin C., and Michael Kane. "BP Amoco (A): Policy Statement on the Use of Project Finance." Harvard Business School Case 201-054, January 2001. (Revised May 2010.)
- 11 Sep 2009
- Working Paper Summaries
Banking Deregulations, Financing Constraints and Firm Entry Size
- January 1996
- Article
Monetary Policy and Credit Conditions: Evidence from the Composition of External Finance: Reply
Kashyap, Anil, Jeremy Stein, and David Wilcox. "Monetary Policy and Credit Conditions: Evidence from the Composition of External Finance: Reply." American Economic Review 86, no. 1 (January 1996): 310–314.
- 15 Jul 2011
- Working Paper Summaries
Poultry in Motion: A Study of International Trade Finance Practices
- 2002
- Chapter
The Internal Consequences of External Credibility: Banking Regulation and Banking Performance in Porfirian Mexico
By: Noel Maurer
Maurer, Noel. "The Internal Consequences of External Credibility: Banking Regulation and Banking Performance in Porfirian Mexico." Chap. 3 in The Mexican Economy, 1870-1930, edited by Jeffrey Bortz and Stephen Haber, 50–92. Social Science History. Palo Alto, CA: Stanford University Press, 2002.
- Article
JUE Insight: Infrastructure and Finance: Evidence from India's GQ Highway Network
By: Abhiman Das, Ejaz Ghani, Arti Grover, William Kerr and Ramana Nanda
We use data from Reserve Bank of India to study the impact of India's Golden Quadrilateral (GQ) highway project on finance-dependent activity. Loan volumes increase by 20-30% in districts along GQ and are stronger in industries more dependent upon external finance....
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Keywords:
Highways;
Finance;
Development;
Infrastructure;
Banks and Banking;
Transportation Networks;
Financing and Loans;
Growth and Development;
India
Das, Abhiman, Ejaz Ghani, Arti Grover, William Kerr, and Ramana Nanda. "JUE Insight: Infrastructure and Finance: Evidence from India's GQ Highway Network." Journal of Urban Economics (in press). (Pre-published online September 9, 2023.)
- Article
The Harmonization of Lending Standards within Banks through Mandated Loan-Level Transparency
By: Jung Koo Kang, Maria Loumioti and Regina Wittenberg-Moerman
We explore whether the introduction of transparent reporting rules increases credit standard harmonization within a bank. We exploit the new loan-level reporting rules imposed on banks that borrow from the European Central Bank using repurchase agreements...
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Keywords:
Transparency;
External And Internal Reporting;
Credit Term Harmonization;
Regulatory Scrutiny;
Banks and Banking;
Credit;
Financial Reporting;
Governing Rules, Regulations, and Reforms;
Learning
Kang, Jung Koo, Maria Loumioti, and Regina Wittenberg-Moerman. "The Harmonization of Lending Standards within Banks through Mandated Loan-Level Transparency." Journal of Accounting & Economics 72, no. 1 (August 2021): 101386.
- 2021
- Working Paper
Exclusive Dealing and Entry by Competing Two-Sided Platforms
By: Cristian Chica, Kenneth Chuk and Jorge Tamayo
We study competition between horizontally differentiated platforms offering exclusive and non-exclusive contracts to one side of the market (content providers). The introduction of non-exclusive contracts in addition to exclusive contracts softens the competition for...
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Keywords:
Two-Sided Markets;
Platform Price Competition;
Network Externalities;
Exclusive Contracts;
Multi-homing;
Digital Platforms;
Price;
Competition;
Contracts
Chica, Cristian, Kenneth Chuk, and Jorge Tamayo. "Exclusive Dealing and Entry by Competing Two-Sided Platforms." Harvard Business School Working Paper, No. 21-092, March 2021. (R&R International Journal of Industrial Organization.)
- September 2020
- Case
Disrupting Justice at RightNow: Persevere, Pivot or Perish
By: Shikhar Ghosh and Amir Reza Rezvani
The case examines the focus of an early stage company, and how an unexpected external incidence can threaten or void the business model. It encompasses issues such as defining and pivoting a business model, organizational requirements for a pivot, investor relations,...
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Keywords:
Legal Aspects Of Business;
Startup;
Teams;
Pivot;
Financing;
Entrepreneurship;
Law;
Venture Capital;
Business Startups;
Financing and Loans;
Business Model;
Organizational Change and Adaptation;
Legal Services Industry;
Germany
Ghosh, Shikhar, and Amir Reza Rezvani. "Disrupting Justice at RightNow: Persevere, Pivot or Perish." Harvard Business School Case 821-027, September 2020.
- 2022
- Article
The Pricing and Ownership of U.S. Green Bonds
By: Malcolm Baker, Daniel Bergstresser, George Serafeim and Jeffrey Wurgler
We study green bonds, which are bonds whose proceeds are used for environmentally sensitive purposes. After an overview of the U.S. corporate and municipal green bonds markets, we study pricing and ownership patterns using a simple framework that incorporates assets...
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Keywords:
Green Bond;
Pricing;
Climate Finance;
ESG;
SRI;
Sustainable;
Municipal;
Bonds;
Environmental Sustainability;
Financial Markets;
Price;
Ownership;
United States
Baker, Malcolm, Daniel Bergstresser, George Serafeim, and Jeffrey Wurgler. "The Pricing and Ownership of U.S. Green Bonds." Annual Review of Financial Economics 14 (2022): 415–437.
- February 2024
- Article
An Economic Framework for Vaccine Prioritization
By: Mohammad Akbarpour, Eric Budish, Piotr Dworczak and Scott Duke Kominers
We propose an economic framework for determining the optimal allocation of a scarce supply of vaccines that become gradually available during a public health crisis, such as the Covid-19 pandemic. Agents differ in observable and unobservable characteristics, and the...
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Keywords:
Vaccine;
Fairness;
Public Finance;
Public Goods;
Allocation Problems;
Allocative Efficiency;
Allocation Rules;
Social Welfare;
Pandemics;
Inequality;
COVID-19;
COVID-19 Pandemic;
Public Sector;
Resource Allocation;
Market Design;
Marketplace Matching;
Public Administration Industry
Akbarpour, Mohammad, Eric Budish, Piotr Dworczak, and Scott Duke Kominers. "An Economic Framework for Vaccine Prioritization." Quarterly Journal of Economics 139, no. 1 (February 2024): 359–417. (Authors' names are in certified random order.)
- March 1984 (Revised June 1998)
- Case
MCI Communications Corp.--1983
MCI Communications Corp. is faced with a large need for external financing to support rapid growth and substantial uncertainty due to the AT&T antitrust settlement. The case illustrates the value of convertible debt as a financing instrument in these circumstances.
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Keywords:
Growth Management;
Emerging Markets;
Financing and Loans;
Telecommunications Industry;
United States
Greenwald, Bruce C. "MCI Communications Corp.--1983." Harvard Business School Case 284-057, March 1984. (Revised June 1998.)
- April 1975 (Revised December 1991)
- Case
Consolidated Edison Co. (Abridged)
By: Thomas R. Piper
Faced with large external financing needs and a low stock price, Con Ed management must decide whether to pay a cash dividend in April 1974. Based on Consolidated Edison by G.C. Lodge.
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Piper, Thomas R. "Consolidated Edison Co. (Abridged)." Harvard Business School Case 275-116, April 1975. (Revised December 1991.)
- November 2011
- Article
Ownership Structure and Financial Constraints: Evidence from a Structural Estimation
By: Chen Lin, Yue Ma and Yuhai Xuan
This article examines the impact of the divergence between corporate insiders' control rights and cash-flow rights on firms' external finance constraints via generalized method of moments estimation of an investment Euler equation. Using a large sample of U.S....
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Keywords:
Ownership;
Social Enterprise;
Reputation;
Cash Flow;
Annuities;
Investment;
Investment Funds;
Financial Reporting;
Accounting Audits;
Financial Services Industry;
United States
Lin, Chen, Yue Ma, and Yuhai Xuan. "Ownership Structure and Financial Constraints: Evidence from a Structural Estimation." Journal of Financial Economics 102, no. 2 (November 2011): 416–431.
- August 2000 (Revised August 2003)
- Case
Cox Communications, Inc., 1999
This case focuses on how much external financing a firm needs and what securities the firm should issue to raise this financing. Cox Communications is a major player in the cable industry, which is consolidating due to technological changes/capabilities brought about...
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Keywords:
Change Management;
Decision Choices and Conditions;
Financing and Loans;
Telecommunications Industry
Chacko, George C., and Peter Tufano. "Cox Communications, Inc., 1999." Harvard Business School Case 201-003, August 2000. (Revised August 2003.)
- September 2003
- Case
Allscripts, Inc.
By: William A. Sahlman and Laurence E. Katz
Describes a set of decisions confronting an entrepreneurial team that is considering taking managerial control of Allscripts, a health care venture. The company has gone through nine rounds of external financing and has changed its business model several times.
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Keywords:
Business Model;
Business or Company Management;
Venture Capital;
Corporate Entrepreneurship;
Health Care and Treatment;
Corporate Finance;
Health Industry
Sahlman, William A., and Laurence E. Katz. "Allscripts, Inc." Harvard Business School Case 804-053, September 2003.
- August 1992 (Revised June 1993)
- Case
Compania de Telefonos de Chile
By: W. Carl Kester, Enrique Ostale and Charles McHugh La Follette
The newly privatized Chilean telephone company, Compania de Telefonos de Chile (CTC) must raise substantial new funds externally in order to finance its expansion program. This task is complicated by Chile's small, illiquid capital markets and the skeptical view of...
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Keywords:
Capital Markets;
Financing and Loans;
Managerial Roles;
Privatization;
Expansion;
Telecommunications Industry;
South America;
Chile
Kester, W. Carl, Enrique Ostale, and Charles McHugh La Follette. "Compania de Telefonos de Chile." Harvard Business School Case 293-015, August 1992. (Revised June 1993.)